Perhaps the most common planned giving arrangement for the benefit of ASHRAE Foundation is the will bequest. Charitable gifts made by will are 100% tax deductible. As with current gifts, bequests may be designated either as unrestricted - giving the the most flexibility - or restricted; that is, designated for a specific purpose.
If you wish to include an unrestricted bequest to ASHRAE Foundation in your will, the following language is suggested:
Unrestricted Bequest to ASHRAE Foundation
"I give, devise, and bequeath to the ASHRAE Foundation, Atlanta, GA, ______ percent of all the rest, residue, and remainder of my estate (or _______ dollars, property, securities, etc. described below) wheresoever located to be used for the benefit of ASHRAE Foundation in such manner as the ASHRAE Board of Trustees thereof may direct."
If you wish to provide scholarships for students in a field or school, here is suggested language for three options:
Scholarships Based on Financial Need
"I give, devise and bequeath to the ASHRAE Foundation, Atlanta, GA, _____ percent (___%) of all the rest, residue and remainder of my estate (or ___________ dollars, property, securities, etc., described below) wheresoever located, to be used for the benefit of ASHRAE Foundation to support undergraduate scholarships as described below. If the principal amount received hereunder is sufficient under ASHRAE Foundation guidelines to establish an endowed scholarship, then the ASHRAE Foundation, Atlanta, GA, shall transfer the principal amount, which shall constitute a fund to be known as the (insert name here) Scholarship, to ASHRAE Foundation which shall use the principal to establish an endowment fund, with the revenue therefrom used for the establishment, support, and maintenance of one or more annual scholarships, based on financial need, for undergraduates (insert specific field or school here). The ASHRAE Scholarship Committee will select the recipients and administer the scholarships. In the event this purpose can no longer be carried out due to changing conditions or that such purpose is being met from other sources or is no longer necessary or desirable for the furtherance of the charitable and educational purposes of ASHRAE Foundation at the time of the maturity of my estate or at any time thereafter, then I expressly authorize and empower the Chair of ASHRAE Foundation to utilize my bequest for any purpose that may be deemed proper in his/her discretion, keeping in mind, however, my above-described purpose. The endowment fund for the purpose of investment may be combined with other funds of ASHRAE Foundation."
Scholarships Based on Academic Merit
"I give, devise and bequeath to the ASHRAE Foundation, Atlanta, GA, _____ percent (___%) of all the rest, residue and remainder of my estate (or ___________ dollars, property, securities, etc., described below) wheresoever located, to be used for the benefit of ASHRAE Foundation to support undergraduate scholarships as described below. If the principal amount received hereunder is sufficient under ASHRAE Foundation guidelines to establish an endowed scholarship, then the ASHRAE Foundation, shall transfer the principal amount, which shall constitute a fund to be known as the (insert name here) Scholarship, to ASHRAE Foundation, which shall use the principal to establish an endowment fund, with the revenue therefrom used for the establishment, support, and maintenance of one or more annual scholarships, based on academic merit, for undergraduates (insert specific field or school here). The ASHRAE Scholarship Committee shall select the recipients with scholarship administration by them. In the event this purpose can no longer be carried out due to changing conditions or that such purpose is being met from other sources or is no longer necessary or desirable for the furtherance of the charitable and educational purposes of ASHRAE Foundation at the time of the maturity of my estate or at any time thereafter, then I expressly authorize and empower the Chair of ASHRAE Foundation to utilize my bequest for any purpose that may be deemed proper in his/her discretion, keeping in mind, however, my above-described purpose. The endowment fund for the purpose of investment may be combined with other funds of ASHRAE Foundation."
Scholarships With Neither Financial Need nor Academic Merit Specified
"I give, devise and bequeath to the ASHRAE Foundation, Atlanta, GA, _____ percent (___%) of all the rest, residue and remainder of my estate (or ___________ dollars, property, securities, etc., described below) wheresoever located, to be used for the benefit of ASHRAE Foundation to support undergraduate scholarships as described below. If the principal amount received hereunder is sufficient under ASHRAE Foundation guidelines to establish an endowed scholarship, then the ASHRAE Foundation, Atlanta, GA, shall transfer the principal amount, which shall constitute a fund to be known as the (insert name here) Scholarship, to ASHRAE Foundation , which shall use the principal to establish an endowment fund, with the revenue therefrom used for the establishment, support and maintenance of one or more annual scholarships for undergraduates in (insert specific field or school here). The scholarship(s) will be administered in accordance with the ASHRAE Scholarship Committee policies. In the event this purpose can no longer be carried out due to changing conditions or that such purpose is being met from other sources or is no longer necessary or desirable for the furtherance of the charitable and educational purposes of ASHRAE Foundation at the time of the maturity of my estate or at any time thereafter, then I expressly authorize and empower the Chair of ASHRAE Foundation to utilize my bequest for any purpose that may be deemed proper in his/her discretion, keeping in mind, however, my above-described purpose. The endowment fund for the purpose of investment may be combined with other funds of ASHRAE Foundation."
If you wish to restrict your bequest to a specific field, school or purpose, the ASHRAE Foundation Office will be happy to provide you or your advisors with suggested language.
Benefits
* Distribution of estate as intended by donor.
* Avoidance of estate and inheritance taxes.
